Ways to Give - Planned Giving Navigation
Introduction
The HRC Equality Circle was established to recognize individuals who have created gifts to the Human Rights Campaign or the Human Rights Campaign Foundation through tax-wise planned giving. By making a gift in this way, members demonstrate their long-term commitment to the mission of the Human Rights Campaign and the Human Rights Campaign Foundation.
*New Publication* Life and Estate Planning for GLBT Americans
All of us need to think about our future expectations and consider what we would want should death or disability interrupt or stand in the way of our expectations. Life and estate planning are ways of thinking seriously about the future and making smart choices that meet our needs. You do not need to have a large income or to amass great personal wealth; if you care about your partner, or are concerned about where your hard-earned savings may someday flow, then you should understand some of the basis principles of planning. Read PDF.
*New* Online Referral Service for Local Professionals
Visit our listings of Estate Planning Professionals in your area.
Legal Documents to Protect Your Family
When it comes to life and estate planning, gay, lesbian, bisexual and transgender Americans face a greater challenge. By failing to make informed choices, the legal system instead will choose for us. Learn more about protecting yourself and your loved ones.
Domestic Partner Benefits: Pension Survivor Annuities
When a participant is married, the employee retirement income security act (ERISA) mandates that the default benefit distribution form be a QJSA/QPSA. In part because of the Defense of Marriage Act (DOMA), which provides a federal definition of "spouse" that is limied to a person of the opposte sex, plans are not required to provide a QJSA or QPSA to a participant with a same-sex domestic partner or spouse. Consequently, same-sex couples are often denied a valuable death benefit otherwise available to their opposite-sex married counterparts. Learn more about pension survivor annuities as they relate to domestic partnerships.
Bequest Language for Your Will or Trust
"I hereby give and bequeath [amount in dollars or percentage amount] to the Human Rights Campaign Foundation, a not-for-profit, tax-exempt organization incorporated under the laws of the District of Columbia in 1985, having federal tax identification number 52-1481896, for its general purposes."
Historic Provisions for GLBT Families Signed Into Law
Working without fanfare and very closely with members of Congress for more than three years, the Human Rights Campaign secured two important protections that assist gay, lesbian, bisexual and transgender Americans in the Pension Protection Act signed into law on Aug. 17, 2006. The act includes provisions allowing non-spouse beneficiaries to roll over retirement benefits, and adding non-spouse beneficiaries to the retirement plan hardship distribution rules. The two provisions extend important financial protections to same-sex couples and other Americans who name non-spouses as their retirement plan beneficiaries. Learn more about the different kinds of pension plans or read the transcript of an online discussion about the Pension Protection Act .
Allowing Non-spouse Beneficiaries to Rollover Pension Funds (Sec. 829)
The first provision allows the transfer of an individual's retirement plan (401(k), etc,) benefits to a domestic partner or other non-spouse beneficiary (sibling, parent, child, etc.) when the individual dies. Specifically, the surviving partner (or other non-spouse beneficiary) will now be able to transfer his or her deceased partner’s retirement funds into an Individual Retirement Account and either draw down the benefits over a five-year period, or over his or her own life expectancy. In the past, surviving same-sex partners and other non-spouse beneficiaries were typically forced to withdraw the entire amount as a lump sum and incur immediate tax charges. In addition, this action often bumped the survivor into a higher tax bracket because the withdrawal was counted as taxable income to the beneficiary. Learn more about allowing non-spouse beneficiaries to rollover pension funds.
Adding Non-Spouse Beneficiaries to Retirement Plan Hardship Distribution Rules (Sec. 826)
The second provision, which addresses retirement plan hardship distributions, allows gay couples (and others who list non-spouse, non-dependent beneficiaries, such as siblings, parents, children, etc.) similar access to laws that permit people to draw on their retirement funds in the case of a qualifying medical or financial emergency. In the past, the federal law covered only the spouses or dependents of employees when it came to accessing retirement funds during an emergency. Learn more about the hardship withdrawal option for retirement plans.
Be Sure Your Loved One is Covered
In order to benefit from these laws, you must designate your partner as the beneficiary of your 401(k) plan. If you haven’t done so, contact your employer’s benefits coordinator and fill out a beneficiary designation form. Otherwise they will not be covered.
The Human Rights Campaign's Equality Circle Team
If you have any questions about the HRC Equality Circle program, please feel free to contact a member of the HRC Equality Circle team.
Timothy L. Mahoney — Director for Estate Planning
202/216-1563
timothy.mahoney@hrc.org
Brea Bianco — Estate Planning Assistant
202/216-1593
breanna.bianco@hrc.org